Question

Mike Hansen has adjusted gross income of $28,350. During the year, Mike decided he needed a larger home. He purchased a home on a golf course in the same town as his first home. Mike incurred $8,750 in moving expenses. How much of this can he include as an itemized deduction

Answer 1

Answer:

$0 (None)

Explanation:

Mike incurring additional moving expenses to his new home is not legally permissible for deduction when starting it in his annual gross income report for tax purposes.

However, miscellaneous expenses such as Unreimbursed business expenses, qualified educational expenses, tax preparation fees, subscriptions to professional journals, and job-hunting expenses may be deducted.